Choosing a Broker – Eight factors to consider when choosing a Forex Broker

Beginner

In this video and accompanying commentary, we are looking at the EIGHT factors that any prospective trader should consider when choosing a Forex Broker or for trading any financial markets.

The EIGHT factors we would suggest considering when choosing a FX Broker are:

  1. Trust
  2. Investment Offerings
  3. Commissions and Fees
  4. Trading Platform
  5. Research
  6. Education
  7. Customer Service
  8. Mobile Trading

 

  1. Trust
  • Know your broker.
  • Are they regulated, and if so, is it by a respected authority?
  • Do they have a long and stable history?
  • Is the company Publicly Listed? If so, it is more likely to be trustworthy.
  • Check out online forex reviews, including from ourselves at FX Explained.

 

  1. Investment Offerings
  • What is available to trade?
  • Does the broker offer multiple asset classes, Is this important to you?
  • Are they a specialist broker, concentrating on a certain asset class? This may attract you, or not.

 

  1. Commissions and Fees
  • What is the fee structure per trade?
    • The spread? How big is the spread?
    • A fixed commission per trade?
    • A combination of these?
  • Are there other fees?

 

  1. Trading Platform
  • How good is the trading platform? Is this even important to you?
  • If you are trading from technical analysis, how solid is the technical analysis offering?
  • How user friendly is the trading platform?

 

  1. Research
  • Is there a strong and in-depth Research offering? Is this significant for you?
  • If you are trading from a macroeconomic or fundamental basis, how solid is their fundamental/ macroeconomic research?
  • If you are trading at a company level, how strong is their microeconomic and individual company research?

 

  1. Education
  • Are you a beginner or intermediate level trader, do you want to learn more?
  • If so, is the educational offering strong and in-depth?
  • Are webinars and videos offered?
  • Can you ask questions and interact?

 

  1. Customer Service
  • How easily can you contact someone at the broker if you need to?
  • Are they available 24/7, or just during working hours, only Monday-Friday?
  • Is there telephone support, email support, online chat?
  • What is the response time like?
  • Is this even important to you?

 

  1. Mobile Trading
  • Is mobile trading offered?
  • Are there dedicated apps for iPhones and iPads, Android phones and tablets?
  • Are the mobile trading apps user friendly? E.g. do the mobile apps synchronise with the desktop accounts?

Choosing a broker to trade with is an important step, please do try out both demo and live accounts to get a taste of the offering from different brokers.

And you can always check out our reviews page here https://www.fxexplained.co.uk/best-forex-brokers-in-uk/

Please comment below

Your email address will not be published. Required fields are marked *


Latest News

The Forex Zone
The Forex Zone – Erratic activity as trade tensions send mixed signals

Here in The Forex Zone we review the day trade views for most the major Forex currencies in a volatile week for FX markets amid ongoing trade concerns and inverting yield curves. Again, we spotlight the significant levels to watch and the directional biases for the key Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and … Continued

Dax index monthly
Dax weekly report 20190815

Dax retests & holds the low so far at 11435. A break lower targets 11400/380, 11320/300 & below 11280 risks a slide as far as support at 11180/170. Bulls need a double bottom at 11435/425 to trigger a recovery targeting 11485/495 & first resistance at 11520/530. If we continue higher look for 11580/590 & minor … Continued

4 Hour EURO STOXX 50 Future Chart
US yield curve inversion sees global stocks resume bear theme

An inversion of the US Treasury 2-10yr yield curve on Wednesday was the first such occurrence since 2007. This sent negative shock waves through global financial markets, as an inversion of this segment of the yield curve is often a signal of a future resurrection in the US. Furthermore, the US 30yr Bond moved to … Continued

AUDNZD 1 hour chart 2019-08-15
AUDNZD and EURNZD Both Stopping for A Pullback!

AUDNZD unfolded five legs within wave a, which can be part of a bigger, bullish reversal. Completed five legs within a trend indicate a three-wave retracement to follow, which is already the case on AUDNZD; an a)-b)-c) pullback to around 1.043/1.039 region, where bulls may again take over. A later rise in impulsive fashion would … Continued


Forex Brokers in your location